IDEAS home Printed from https://ideas.repec.org/a/taf/jeduce/v34y2003i3p214-223.html
   My bibliography  Save this article

Calculating the Candy Price Index: A Classroom Inflation Experiment

Author

Listed:
  • Denise Hazlett
  • Cynthia D. Hill

Abstract

In this classroom experiment, students develop a price index based on candy-purchasing decisions made by members of their class. They use their index to practice calculating inflation rates and to consider the strengths and weaknesses of the consumer price index (CPI). Instructors can use the experiment as an introduction to the topic of inflation and how it is measured. The exercise also provides a concrete example of the sources of bias in the CPI, promoting discussion of the measures the Bureau of Labor Statistics has taken to reduce bias. The experiment, including follow-up discussion, fits into a 50-minute class period. The authors and other professors have used the exercise in introductory and intermediate macroeconomics courses, in classes of 10 to 135 students.

Suggested Citation

  • Denise Hazlett & Cynthia D. Hill, 2003. "Calculating the Candy Price Index: A Classroom Inflation Experiment," The Journal of Economic Education, Taylor & Francis Journals, vol. 34(3), pages 214-223, January.
    • Handle: RePEc:taf:jeduce:v:34:y:2003:i:3:p:214-223
    DOI: 10.1080/00220480309595216
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/00220480309595216
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/00220480309595216?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Amy Ellen Schwartz & Benjamin Scafidi, 2004. "What's Happened to the Price of College?: Quality-Adjusted Net Price Indexes for Four-Year Colleges," Journal of Human Resources, University of Wisconsin Press, vol. 39(3), pages 723-745.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. David T. Mitchell & Robert P. Rebelein & Patricia H. Schneider & Nicole B. Simpson & Eric Fisher, 2009. "A Classroom Experiment on Exchange Rate Determination with Purchasing Power Parity," The Journal of Economic Education, Taylor & Francis Journals, vol. 40(2), pages 150-165, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hill, Catharine B. & Winston, Gordon C., 2006. "Access: Net prices, affordability, and equity at a highly selective college," Economics of Education Review, Elsevier, vol. 25(1), pages 29-41, February.
    2. Zhifeng Cai & Jonathan Heathcote, 2022. "College Tuition and Income Inequality," American Economic Review, American Economic Association, vol. 112(1), pages 81-121, January.
    3. Elliott, Caroline & Soo, Kwok Tong, 2013. "The international market for MBA qualifications: The relationship between tuition fees and applications," Economics of Education Review, Elsevier, vol. 34(C), pages 162-174.
    4. DANIEL P. McMILLEN & LARRY D. SINGELL & GLEN R. WADDELL, 2007. "Spatial Competition And The Price Of College," Economic Inquiry, Western Economic Association International, vol. 45(4), pages 817-833, October.
    5. J. N. Lye and J. G. Hirschberg, 2012. "What is a high school worth?: A model of Australian private secondary school fees," Department of Economics - Working Papers Series 1161, The University of Melbourne.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:jeduce:v:34:y:2003:i:3:p:214-223. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/VECE20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.